Archive for April, 2014
Wednesday, April 2nd, 2014
Via Bloomberg:
Nordic Investment Bank 1 bln Aaa/AAA 5 yr Global
launched ms +2 area
Siam Commercial Bank 750mm (max) A3/BBB+ 5 yr 144A Reg S
final guidance +180-185
Sinopec B'Mark Aa3/A+ 5 parts 3 yr fxd and frn
5 yr fxd and/or frn
10 yr fxd
ipt 3 yr fxd +115 area
frn 3ml equiv
5 yr ...
Posted in Uncategorized | Comments Off on Corporate Bonds Thus Far Today
Wednesday, April 2nd, 2014
This is an interesting note from economics consulting firm Stone McCarthy. That firm thinks that the ADP has over counted workers relative to the BLS. Stone McCarthy reasons that a worker still employed by a firm but not paid is counted by ADP but is not counted as employed by ...
Posted in Uncategorized | Comments Off on Stone McCarthy on ADP
Wednesday, April 2nd, 2014
Via TDSecurities:
The ADP employment report came in broadly in line with consensus, with the economy reported to have added a fairly decent 191K. The market consensus was for a +195K print. When accounting for public sector employment, which we expect to be positive this month, this performance is consistent with ...
Posted in Uncategorized | Comments Off on TDSecurities on ADP
Wednesday, April 2nd, 2014
Courtesy of CRT Capital:
OVERNIGHT FLOWS: Treasuries were lower overnight as global equities edged higher. Overnight volumes were mixed with cash trading at 87% of the 10-day moving-average, while TY came in at 101% of norms. 5s were the most active issue and managed to take a 34% marketshare, while 10s ...
Posted in Uncategorized | Comments Off on Overnight Flows
Wednesday, April 2nd, 2014
Via Bloomberg:
$b China Petrochemical (SINOPE) Aa3/A+ 144a/Reg-S
$ 3Y FRN 3ML +equiv $ 3Y IPT +115area
$ 5Y FRN 3ML+euiv
$ 5Y ...
Posted in Uncategorized | Comments Off on Early Corporate Issuance
Wednesday, April 2nd, 2014
I could not pick one topic from Mark's morning note so this is an eclectic topic grab.
Via Mark Chandler of Brown Brothers:
Late yesterday, German federal government workers agreed to a 5.4% pay increase over two years, beginning last month. Roughly 2.1 mln workers are directly affected, but the agreement may help ...
Posted in Uncategorized | Comments Off on Mark Chandler on the FX Markets
Wednesday, April 2nd, 2014
Prices Of Treasury coupon securities slipped in a rather pedestrian overnight session devoid of any overarching theme. The yield on the 10 year note has climbed about a basis point from late New York levels and rests at 2.777 this morning. The yield curve has flattened a touch overnight,too, reversing ...
Posted in Uncategorized | Comments Off on April 02 2014 Opening
Wednesday, April 2nd, 2014
This story from Market News is making the rounds:
No Consensus At Present, But ECB Prepared To Act If Needed
LONDON (MNI) - The European Central Bank is set for an intense debate this week at its meeting in Frankfurt following an "unexpected" fall in March inflation that could test the Governing ...
Posted in Uncategorized | Comments Off on ECB’s Intense Debate Via MNI
Tuesday, April 1st, 2014
Leveraged Loan Volume in Q1 was the third largest ever reports Barron's. If that be good news, the bad news is that issuers are in charge and the loans come with fewer and fewer protective covenants for buyers.
Via Barron's:
April 1, 2014, 3:52 P.M. ET
Q1 Sees 3rd-Highest Leveraged Loan Volume Ever ...
Posted in Uncategorized | Comments Off on Leveraged Loans
Tuesday, April 1st, 2014
Treasuries are heavy in the Asian session with trading accounts covering shorts in the 7 year and real money pummeling 10s and 30s.One dealer notes heavy supply in Australian and posits that supply weighs on sentiment in Treasury market.
The Long Bond continues to underperform with 10s 30s at a local ...
Posted in Uncategorized | Comments Off on Tokyo Treasury Trading Tonight